Azure tide realty 45hr Practice Exam

Azure tide realty 45hr Practice Exam Which statement would you advise agent Jerome not use in his listing advertisement due to Fair Housing Laws? - Answer-Within walking distance of the Gulf of Mexico Which of the following is correct about the inspection period? - Answer-The buyer may choose to walk away from the contract for any reason. Someone could be heard crying for help from an apartment. Which statement is true? - Answer-Because it is an emergency, the owner may enter. You have just concluded a buyer presentation with Taylor. She likes you and you helped her sister buy a house 6 months ago. She is really excited about getting started. You put the buyer broker agreement in front of her, but you notice she looks very worried and did not sign it right away. You ask her if she has any questions. She immediately says, "Yes, I don't know how I am going to pay you for helping me. A guy at work said he had to pay his real estate agent $10,000. I only have money for the down payment because you helped me get the 1st time home buyer program. I guess I will have to wait until I can save up some money. Which of the following statements cover steps number 4 & 5 of objection handling? - Answer-"You don't have to worry about that because my commission is paid by the seller at closing. Since you don't have to pay me yourself, wouldn't it make sense to work together?" Steering is described as what? - Answer-Using a protected class as a basis to decide where to show someone property. A loan officer has done a brief interview with a buyer without verifying documentation such as income. What is this called? - Answer-Preapproving the buyer. Concept that 20% of pointed action produces 80% of results is called what? - Answer- Pareto's Principle Which of the following statements is true regarding license renewal? - Answer-If the licensee fails to renew the license by the first renewal term, the licensee cannot recover it. You have shown your buyer's what they say is their dream home. However, it needs some repairs. The house is a foreclosure and has been vacant for almost a year. One bathroom is missing the toilet, the roof has a leak, the kitchen counters are gone and a few other more minor issues. The buyers will qualify for any loan and have more than enough to put down; whatever is required. Which of the following is the best loan for them? - Answer-203K Assistance with price, advertising, providing signage, inclusion in MLS, inclusion on websites, holding open houses, showing of the property, use of a lockbox, presenting and managing offers, contract negotiations, and transaction closing assistance - are all tasks that what? - Answer-Can be contracted individually on a Limited Brokerage Services Addendum. Per the statute - when a condominium is sold, specific documents must be provided from the seller to the buyer. The re-seller must provide the buyer with 7 different required documents. (Not including new requirements for possible Milestone Inspection or Structural Integrity Reserve Study documents.) Which of the following is not one of those 7 documents? - Answer-Board of Directors Contact Information October was preparing an advertisement for her seller and included the phrase "2.9% interest available." What else does she have to include in the advertisement? - Answer- The amount or percentage of the down payment, the terms of repayment, and the annual percentage rate. Buyer Betty was buying a home in a flood zone and was also securing a loan. Which is a true statement? - Answer-An elevation certificate will be required in order for an insurance quote and binder to be provided. During the inspection period, how can a buyer walk away from the deal? - Answer- without penalty for any reason Spending 85% of your time prospecting for sellers, according to the National Association of Realtors® will produce what percentage of buyers? - Answer-50% You are advertising that you will give buyers $500 of your commission at closing. Jessica, an agent with another brokerage, calls you and says you can NOT advertise giving buyer's money back at closing. Under RESPA and TILA, who is right and why? - Answer-You are right, because it is allowed if handled correctly and disclosed to all parties.